Motilal, Jefferies, Nomura flag up to 28% upside in Reliance after Jio IPO filing
At its 49th AGM, Reliance filed Jio's IPO DRHP with SEBI targeting a late-2026 listing, valuing the telecom arm at Rs 11-12 trillion ($117-127bn). Brokerages reiterated 'Buy' with targets of Rs 1,640-1,675, citing growth across retail, telecom, AI and energy.
What happened
Reliance Industries · At its 49th AGM, Reliance detailed growth across retail, telecom, AI and energy, and filed Jio's IPO DRHP with SEBI targeting a late-2026
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (~26%)
- Jio valuation Rs 11-12 trillion ($117-127bn)
- 270 million shares
- 2.9% dilution
- 524 million subscribers
- FY26 revenue Rs 1,468.9bn (+14.6%)
- EBITDA Rs 762.6bn (+18.8%)
Why this matters
The DRHP filing crystallizes a $117-127bn standalone telecom valuation, resetting the sum-of-the-parts benchmark for any partnership, spin-off, or capital-allocation conversation with Reliance's ecosystem.
What to watch
- SEBI observations and DRHP approval timeline
- Jio ARPU trajectory and 5G/AI monetization data points
- Retail segment SSSG and margin trends in quarterly prints
- Anchor investor and pricing band signals as listing nears
- Broader Indian IPO market appetite and secondary-market liquidity
- Expect a wave of broker upgrades and SOTP model revisions within days pegging Jio at the Rs 11-12tn anchor
- Retail arm valuation commentary follows as analysts extend the unlocking thesis to a potential Reliance Retail listing
- Institutional/FII accumulation into RIL ahead of anchor-book positioning for Jio
- Peers (Bharti Airtel) re-rate on read-through telecom multiple validation